Chap 1 Assignment
1. What is meant by a business strategy?
A strategy is a “game plan” that distinguishes the company from its competitors, so that it can attract customers and succeed. 2. Describe the three broad categories of a customer value proposition. Three customers value propositions:
* Customer Intimacy: Company stays close to its customers and satisfy customers’ needs better than that of the other competitors. * Operational excellence: Company provides values to its customers by excelling in operational activities such as: delivering, pricing, customer services. * Product leadership: Company adds value to its customers by providing high quality products than those of its competitors. 3. Distinguish between line and staff positions in an organization. A person in line position is directly involved in achieving the basic objectives, while staff positions are indirectly involved in achieving those basic objectives. Staff positions provide assistance to line positions, but they do not have direct authority over line positions. 4. Describe the basic responsibilities of the Chief Financial Officer. The CFO is responsible for providing timely and relevant data to support planning and control activities and for preparing financial statements for external users. 5. What are the three main categories of inventories in a manufacturing company? The 3 main categories of inventories in a manufacturing company are: rap materials, work in process, and finished goods. 6. What are the five steps in the lean thinking model?
* Step 1: Identify value in specific products/services.
* Step 2: Identify business processes that delivers value. * Step 3: Organize work arrangements around the flow of the business process. * Step 4: Create a pull system that responds to customer orders. * Step 5: Continuously pursue perfection in the business process. 7. What are the major benefits from successful implementation...